HSM Sells Foam Business to Private Equity Firm
HSM, a major supplier of furniture and bedding components, announced it has signed a definitive agreement to sell its HSM Foam Solutions division to private equity firm Arsenal Capital Partners.
HSM’s five foam pouring locations will become part of the newly created Elite Comfort Solutions, which Arsenal Capital formed following its recent purchase of Newman, Ga.-based Elite Foam Inc.
“HSM will remain a major fabricator of foam products for its existing as well as new customers in the furniture, bedding, medical and packaging markets,” said HSM Chairman David Underdown. “This transaction will enable HSM to strengthen its leading market positions in its transportation seating, foam fabrication, specialty spring, wire and metal products businesses.”
“By teaming with Elite Foam and Pacific Urethanes, we've immediately broadened our scope in terms of market reach, technical ability and foaming knowhow, becoming a stronger, larger, forward-looking foam producer,” added Bobby Bush, senior vice president of HSM.
HSM has foam factories in Conover, N.C., Fort Smith, Ark., Verona, Miss., Commerce, Calif., and Americus, Ga. HSM Foam is one of the largest producers of flexible polyurethane foam in North America, providing hundreds of foam formulations for furniture, bedding, medical and packaging market applications. Its range of products includes Code*Red-II combustion inhibitive foam, EnduroFoam premium performance foam and Preserve, the world's first bio-based polyurethane foam.